December 2012 E Newsletter

Welcome

December is here and Christmas will soon be upon us – we wish you and your families all the best for the festive season.
Please note that our office closes on Friday 21 December and reopens on Monday 14 January 2013.

Well done to all participants (and their long-suffering partners) who participated in Movember this year from Walker Wayland Auckland Ltd. We have attached a pictuure of our winner Kyle Murray as Mr Movember 2012.

For most of you, the second instalment of 2013 provisional tax is due on 15 January 2013 and we will be sending out reminder notices soon. If you are yet to send us your 2012 information for the preparation of your financial statements, now is a good time to do so. If your income for the 2013 year is different to prior years and you would like to estimate your provisional tax, please let us know so we can process this for you before 15 January.

In this edition, we Focus on the December wind-down and tips for the holiday season. We look at Kiwisaver disputes and changes to student loans & allowance. Out client profile this month is Media JAM – public relations, marketing and brand strategy specialists. Jam is a formula to preserve a great combination of ingredients, much like the strategies that we cook up for your business, which will be full of flavour, vitality and shelf-life, lovingly crafted by people who care about the end result…

December wind-down checklist

Consider what must be done before you pop the Christmas bubbles - it might save you a hangover and boost New Year celebrations!

1. If your business experiences a seasonal influx, make sure to plan the necessary marketing and increased staff measures. When will your staff be taking their holidays?

2. Follow up outstanding debtors: people (and businesses) are more cash strapped in the New Year so politely encourage payment prior to Christmas - it will help your cash flow, which may be light if you shut down over Christmas and New Year.

Media Release - Walker Wayland Network leaps into the top 30

The Walker Wayland network is the fastest-growing accounting organisation according to the latest rankings of Australian accounting firms by top-line business magazine BRW.

New Zealand members in Auckland, Hamilton and Wellington have joined in the celebrations – even though their annual results could not count in the BRW listing.

“Our New Zealand colleagues helped boost the bottom line for the entire group through the year,” said Walker Wayland Australasia chair Grant Allsopp. “Their co-operation and work with firms across the ditch contributed to this great result.”

Kiwisaver Penalties and Disputes

The Inland Revenue Department will work with you to help you meet your KiwiSaver obligations. Where an error does occur, (e.g. not deducting KiwiSaver contributions) the Inland Revenue Department will issue a reminder. This will be followed by a notice warning you that IRD may charge you a penalty if you don't meet your obligations in the future.

Common Tips for the Holiday Season

Once again this year CCH authors have put together a special Christmas booklet advising you of various aspects of common situations that may arise over the Christmas and holiday season.

Articles in the Christmas booklet include:
- Can an employee be forced to work on a public holiday?
- Christmas party for employee's children
- Christmas party for staff and their partners
- Payment of Christmas bonus
- Employee falling sick on holiday
- Changes afoot for mixed-use assets
- Mandatory close-down over Christmas
- Provisional tax instalment payments due over the Christmas period

If we can help you in relation to any of the advice offered in the CCH booklet please call your accountant on 09 968 4440.

CCH Christmas Booklet

Timely Reminders

Provisional tax payment due Jan 15 for March, July or November balance dates, or Jan 28 if you have a December balance date
Your GST return and payment may also be due Jan 15
Interim student loan payments due Jan 15
Quarterly FBT return and payment due Jan 28

Changes to Student Loans and Allowances

The following changes will come into effect on 1 January 2013:

Student Allowances will no longer be available for postgraduate study commencing from 1 Jan (except for Bachelor degrees with honours)
All exemptions to the 200-week limit for Student Allowance will be removed from 1 Jan 2013 (except for special circumstances)
Borrowers making significant under-deductions will be forced to make a compulsory extra student loan deduction - IRD will arrange directly with their employer to recover the outstanding amount
Those 55 and over will no longer be eligible to borrow living or course-related costs (with exceptions, depending on when you were enrolled)

Client Profile - Media JAM

Media JAM specialise in public relations, marketing and brand strategy and custom publishing for consumer brands. The two directors are each highly experienced media babes in their own right.

PR and marketing guru Janelle Rennie heads up the public relations division of Media JAM, whilst renowned fashion and lifestyle magazine editor Tina Moore heads up the publishing communications division. Their combined experience and networks in the media industry makes them a dynamic combo. They’re fresh, creative, they know their stuff, and they have great relationships with New Zealand's key media and opinion leaders.

www.mediajam.co.nz or 027 507 5794